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Accounting Policies of Fraser & Company Ltd. Company

Mar 31, 2015

A. BASIS OF ACCOUNTING POLICIES:

The financial statements have been prepared under the historical cost convention using accrual method of accounting in accordance with the generally accepted accounting principles in India and the provisions of companies Act, 1956 and the accounting standards as specified in companies(Accounting Standards) Rule, 2006.

B. USE OF ESTIMATES:

The preparation of financial statements requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Example of such estimates include provision for doubtful receivables, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of depreciable fixed assets and provision for impairment.

C. FIXED ASSETS & DEPRECIATION:

The Fixed Assets are stated at their original cost of acquisition including all expenses attributable to bring the assets to its intending use.

The depreciation on Fixed Assets has been provided for on written down value method at the rate and in the manner prescribed in Schedule XIV of The Companies Act' 1956.

None of the Fixed Assets have been revalued during the year.

D. RECOGNITION OF INCOME & EXPENDITURE :

Revenues /Income and cost/Expenditure are generally accounted on Accrual basis as they are earned or incurred.

E. FOREIGN CURRENCY TRANSACTIONS:

a. The reporting currency of the company is the Indian rupee.

b. The company has not made any transaction in foreign exchange during the year.

F. INVESTMENTS:

The investment held by the company is carried at cost.

G. PROVISION FOR CURRENT AND DEFERRED TAX:

Current Income Tax is determined as an amount of taxes payable in respect of taxable income for the year. Deferred tax liability/assets in terms of Accounting Standard - 22, issued by The Institute of Chartered Accountants of India, is recognized, subject to the consideration of prudence in respect of Deferred Tax liability/assets arising due to timing differences.

H. IMPAIRMENT OF ASSETS:

At each balance sheet date, the management reviews the carrying amounts of its assets included in the cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment.

I. EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006.

The Company has applied the revised Accounting Standard AS-15 EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006 relating to employees benefits notified under the companies (Accounting Standards) Rules 2006. According to the management there is no present obligation of any post employment benefits including payment of gratuity during the year. Therefore no actuarial gains or losses arose at the end of the year.


Mar 31, 2014

A. BASIS OF ACCOUNTING POLICIES: The financial statements have been prepared under the historical cost convention using accrual method of accounting in accordance with the generally accepted accounting principles in India and the provisions of Companies Act, 1956 and the accounting standards as specified in companies(Accounting Standards) Rule, 2006.

B. USE OF ESTIMATES: The preparation of financial statements requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to the contingent liabilities as at the date of the financial statements and reported amounts of income and expense during the year. Example of such estimates include provision for doubtful receivables, employee benefits, provision for income taxes, accounting for contract costs expected to be incurred, the useful lives of depreciable fixed assets and provision for impairment.

C. FIXED ASSETS & DEPRECIATION: The Fixed Assets are stated at their original cost of acquisition including all expenses attributable to bring the assets to its intending use.

The depreciation on Fixed Assets has been provided for on written down value method at the rate and in the manner prescribed in Schedule XIV of The Companies Act' 1956.

None of the Fixed Assets have been revalued during the year.

D. RECOGNITION OF INCOME & EXPENDITURE : Revenues /Income and cost/Expenditure are generally accounted on Accrual basis as they are earned or incurred.

E. FOREIGN CURRENCY TRANSACTIONS:

a. The reporting currency of the company is the Indian rupee.

b. The company has not made any transaction in foreign exchange during the year.

F. INVESTMENTS: The investment held by the company is carried at cost.

G. PROVISION FOR CURRENT AND DEFERRED TAX:Current Income Tax is determined as an amount of taxes payable in respect of taxable income for the year. Deferred tax liability/assets in terms of Accounting Standard - 22, issued by The Institute of Chartered Accountants of India, is recognized, subject to the consideration of prudence in respect of Deferred Tax liability/assets arising due to timing differences.

H. IMPAIRMENT OF ASSETS: At each balance sheet date, the management reviews the carrying amounts of its assets included in the cash generating unit to determine whether there is any indication that those assets were impaired. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of impairment.

I. EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006 : The Company has applied the revised Accounting Standard AS-15 EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006 relating to employees benefits notified under the companies (Accounting Standards) Rules 2006. According to the management there is no present obligation of any past employment benefits including payment of gratuity during the year. Therefore no actuarial gains or losses arose at the end of the year.




Mar 31, 2013

1.1. ACCOUNTING CONCEPT

The financial statements are prepared under the historical cost convention and on an accrual basis in accordance with all applicable accounting principles and are in compliance with mandatory accounting standards as specified in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government.

1.2. FIXED ASSETS .

Fixed Assets are stated at their original cost including other expenses related to acquisition and installation.

1.3. DEPRECIATION

Depreciation on all assets is provided on Written Down Value method applying the rates of schedule XIV (as amended ) of the Companies Act,1956.

1.4. INVESTMENTS

Long-term Investments are valued at cost less provision for diminution, other than temporary, if any.

1.5. RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and expenditure are accounted for on accrual basis except Gratuity which is accounted on cash basis.

1.6 TAXATION

Provision for Income Tax is made on taxable income for the year at current rates. Current tax represents the amount of Income tax payable in respect of taxable income for the year.

Deferred tax represents the effect of timing difference between taxable income and accounting income for the year that originate in one period and are capable of reversal in one or more subsequent years.

The deferred tax asset is recognized and carried forward only to the extent if there is a reasonable certainty that will be realized in future. However where there is unabsorbed depreciation or carried forward business loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty with supporting evidences of realization of the assets.

1.7 PROVISIONS,CONTINGENT LIABILITIES, AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

1.8 USE OF ESTIMATES

The preparation of financial statements require management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosures related to contingent liabilities and assets as at the balance sheet date, and the reported amount of income and expenses during the year. Actual results could differ from those estimates.


Mar 31, 2012

1.1. ACCOUNTING CONCEPT

The financial statements are prepared under the historical cost convention and on an accrual basis in accordance with all applicable accounting principles and are in compliance with mandatory accounting standards as specified in the Companies (Accounting Standards) Rules, 2006 issued by the Central Government.;

1.2. FIXED ASSETS

Fixed Assets are stated at their original cost Including other expenses related to acquisition and installation.

13. DEPRECIATION

Depreciation on all assets Is provided on Written Down Value method applying the rates of schedule XIV (as amended) of the Companies Act,1956.

1.4. INVESTMENTS

Long-term Investments are valued at cost less provision for diminution, other than temporary, if any.

1.5. RECOGNITION OF INCOME AND EXPENDITURE

Items of Income and expenditure are accounted for on accrual basis except Gratuity which Is accounted on cash basis.

1.6 TAXATION

Provision for income Tax is made on taxable income for the year at current rates. Current tax represents the amount of Income tax payable In respect of taxable Income for the year. Deferred tax represents the effect of timing difference between taxable income and accounting income for the year that originate In one period and are capable of reversal in one or more subsequent years.

The deferred tax asset Is recognized and carried forward only to the extent if there is a reasonable certainty that the assets will be realized In future. Howeverwhere there is unabsorbed depreciation or carried forward business loss under taxation laws, deferred tax assets are recognized only if there Is a virtual certainty with supporting evidences of realization of the assets.

1.7 PROVISIONS,CONTINGENT LIABILITIES, AND CONTINGENT ASSETS

Provisions involving substantial degree of estimation in measurement are recognized when there Is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed In the fihanclal statements.

1.8 USE OF ESTIMATES

The preparation of financial statements require management to make estimates and assumptions that affect the reported amount of assets and liabilities, and disclosures related to contingent liabilities and assets as at the balance sheet date, and the reported amount of income and expenses during the year. Actual results could differ from those estimates.


Mar 31, 2011

1. Accounting Policies :

a) System of Accounting :

The Company adopts the accrued basis in the preparation of accounts except Gratuity and Bonus.

b) Fixed Assets:

Fixed Assets are stated at cost. Depreciation on Fixed Assets are provided on written down value basis in accordance with the companies Act, 1956.

c) Income:

Income is derived from Rent Only.

d) Expenses:

The Company Provides for all expenses comprising of Administrative expenses, on accrued basis.

 
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